Cost predictability in Legal Projects - An over ambitious claim or an achievable factor
With changing timelines and erratic data volumes, law firms and corporate legal departments are always challenged when trying to ascertain the overall cost for a legal project. Even when they outsource to an alternate legal services provider (ALSP), one major concern they show is that the final bill is always much higher than the initial pricing estimate they were provided to complete the work citing different reasons. ALSPs who serve these clients have a crucial responsibility to provide cost predictability that not only helps them function but also aligns with the business and financial goals of their clients. The major reason for this discrepancy could be that the parameters or assumptions that are taken into consideration for the early estimate is either too overoptimistic or unreal which leads to a substantial variation at the later stage. To avoid the inaccuracy in predicting the cost, we need to be proactive in defining the scope of the project, complexity of the su...
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